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Under the terms of the deal, Paddy Power shareholders would own 52 per cent of the company and Betfair shareholders would own 48 per cent.
Betfair’s chief executive, Breon Corcoran, who joined from Paddy Power three years ago, will run the company. Paddy Power’s chief executive, Andy McCue, would be chief operating officer. Gary McGann, chairman of Paddy Power, would chair the combined company.

The Ontario government is considering giving the horse-racing industry almost $1.6-billion in subsidies — on top of $700 million already pledged to the sector.
The proposal, detailed in a draft plan obtained by the National Post, comes four years after then-premier Dalton McGuinty caused outrage when he cancelled the “slots-at-racetracks program.” That move ended $347 million in annual support for purses and racetracks and devastated rural Ontario, where horse-racing directly or indirectly employed more than 30,000 people.

LONDON (AP) — Paddy Power and Betfair have agreed to merge, creating one of the world's largest online betting and gaming companies by revenue.The companies say Paddy Power shareholders would own 52 percent of the combined group and Betfair shareholders would own 48 percent. In addition, Paddy Power shareholders would receive a special dividend of 80 million euros ($91.7 million) once the deal is completed.Paddy Power Chairman Gary McGann would be chairman of the combined group, with Betfair Chief Executive Breon Corcoran serving as CEO. Other terms are under discussion.

For 10 years, Mithun Sacheti did what was expected of him as the scion of a seven-generation family business focused on jewellery, specifically solitaires. After training as a gemologist in the US, he returned home to take charge and transform Jaipur Gems from a regional business into a national player. However, at this juncture, in early 2008, he changed his focus from running the 700-year old family business to a new venture — selling jewellery online. Already, there were signs that India's ecommerce industry was brewing up a storm.